The State Bank of Vietnam (SBV) is collecting feedback on a draft circular that will, among other things, allow non-residents legally present in Vietnam to make term deposits in both VND and foreign currencies.

Headquarters of the State Bank of
Vietnam in Hanoi (Photo: SBV)
The central bank argues that the
permission is a measure to prevent "hot money flows,” or flow of funds from one
country to another to earn short-term profit on interest
rates differences, from entering the exchange market. It is also a way to
ensure the legal rights of non-residents present in the country, it said.
The draft, released on July 4, has thus far received positive feedback from
commercial banks and other credit institutions. Directors at a majority of the
banks consider the circular a significant improvement over previous
regulations, the SBV has reported. They said the new rules can help attract
another source of capital and utilise idle capital from expatriates working in
Vietnam.
Furthermore, by allowing foreigners to switch from using a current account in
VND or foreign currency to using term deposits, authorities will also find
it much easier to control the flow of capital from this group.
It is hoped that with interest rates on deposits in foreign currencies at
zero percent, the five to eight percent interest rates for deposits in VND will
motivate more people to deposit their savings in the local currency.
The central bank said that previously, non-resident foreigners in Vietnam were
only allowed to open current accounts in VND or foreign currencies, so the new
circular will also help advance the government’s aim to move towards a national
cashless payment system, and better control foreign currency flows.
The draft circular defines non residents as individuals present in Vietnam
for 12 months or less, who are currently working, undergoing medical treatment,
travelling for recreational purposes, or any employees of foreign embassies,
organisations and companies in Vietnam regardless of time limit.
At present, the SBV is trying to alleviate pressure on interest rates by
increasing liquidity in the money market.
This has happened because the central bank has purchased more foreign
currencies to increase its reserves, according to a second quarter report by
the Vietnam Institute for Economic and Policy Research (VEPR).
Source:VNA
After more than four years of implementing a project launched by the Hoa Binh Party Committee’s Standing Board on developing agriculture and promoting product consumption linked with building new-style rural areas for the 2021-2025 period, the province’s industry and trade sector has made significant strides, greatly contributing to local socio-economic development.
Luong Son district has identified 2025 as the year for the accelerated breakthrough to successfully implement the socio-economic development plan for the 5-year period from 2021 to 2025. The district has been focusing on executing the plans and trying to achieve a GRDP growth rate of approximately 15%.
Since the beginning of this year, under the direction of the Department of Agriculture and Environment, the Sub-Department of Agricultural, Forestry, and Fishery Product Quality Management has strengthened the integration of the professional activities to promote and guide the organizations and individuals in the production and trading of agricultural, forestry, and fishery products to comply with the legal regulations regarding the use of chemicals, pesticides and veterinary medicines in crop cultivation, livestock farming and aquaculture. They also provide guidance to processing and manufacturing establishments on keeping the records to trace the product origins and using food additives from the approved list according to the regulations.
Hoa Binh province saw a significant rise in state budget revenue in the first two months of 2025, heard a meeting chaired by Vice Chairman of the provincial People’s Committee Quach Tat Liem.
Ha Thi Ha Chi, a 26-year-old graduate in law, has taken an unconventional path by returning to her hometown in Mai Chau district to establish the Tong Dau Cooperative, creating stable jobs for local women and bringing Thai ethnic brocade weaving to the global market.
As the Lunar New Year 2025 approached, pork prices surged, creating a profitable season for farmers in Tan Vinh commune, Luong Son district. Taking advantage of the rising demand, Can Minh Son, a farmer from Coi hamlet, sold over 30 pigs at 69,000 VND/kg, each weighing more than 100 kg. After deducting expenses, his family earned a profit of over 50 million VND.